US teeters towards debt default, cash could run dry by end of Feb.. this stuff never stops !

Agit8dChop
I like the term government debt.

It hides whats really happening.

I like the words "unfunded liabilities" ... Look it up sometime and factor that in with the "government (national) debt" if you want to see what is "really happening".

The United States hasn't had a formal budget since 2009. That was the emergency budget written under Bush and during the days of TARP using 800 Billion "to simply use a really big number" as I recall one being quoted saying in the paper at the time. One of the Gov't Officials, mind you. I can't recall which, but I was reading USA Today 5 days a week, without fail at a bare min. back then and it had been one of the notes of coverage to really stand out.

Why this matters is that until another formal and proper budget is passed in our nation, all that come from it are literally built, ultimately, as extensions of the last legally passed one. The 2009 emergency one with the fuzzy lines on the edges to start with. (That's a very simplified version of a complex scam but at it's core, that's how it works out)

Fuzzy lines have become erased now, and no budget means no limits to stay WITHIN, not just having a set amount to not go over in spending. It defines debt ..for a whole fiscal year (in most years). Now? They'd laugh at the concept of doing that.

The problem is, very few things are outlined right in the language of the Constitution itself. The Budget of our nation IS one of them. It's clear, and it leaves no real doubt as to who should be doing what. Ironically, it's been both parties during their periods of House control while Obama actually has made his own deadlines to sending in Executive budgetary requests. Congress couldn't pass gas if it benefitted someone other than their own tails tho.


...If only we had a budget, there might be accounting for debt and limits to it. Without lines to draw within tho? They do color all over the paper and will continue to. Probably into the next Presidency too, at this rate. They're having far too much fun this way.

reply to post by Wrabbit2000


Good point, I had forgotten about the joke known as a budget. Honestly, I don't believe they could pass one if they tried. Passing a budget ultimately involves compromise which means each side has to let the other side accomplish some of their agenda. The next time someone wants to march on Washington and impeach the president in a mock trial they should change their focus to congress. The whole lot of them should be forced to pass a budget... by gunpoint if necessary. It is one of the most basic functions of their collective offices.

reply to post by benrl

yes don't expect a federal refund anytime soon.

I expect a refund via ACH transfer within 10 days of filing.
But, since I monitor my withholding, it ain't going to be much. As per plan.

reply to post by ausername





It is like everyone is waiting for a the other shoe to drop. A collective deep breath in. This could very well be the year for the house of cards to finally fall apart. Workers on the lower end of the scale.....12 dollars an hour and under are about to put out of the economy due to inflation.




This can not go on people. We have a dollar bubble and it has to burst. And this time it will touch the very core of society. Many people will lose everything. Massive inflation = Massive unrest.



If you are not a prepper you might want to look into it. This very well could disrupt the supply of food and gas.

TrueBrit
reply to post by 727Sky

 

What I really do not understand, is why the only options being seriously discussed, are increasing the debt ceiling again, and again, or defaulting on some payments and debts. This seems ridiculous to me. Surely reducing every thing in the defense budget, bar those monies reserved for equipment and personnel, would help pay something off, surely finding the 2.3 trillion that the pentagon cannot account for would help?

Ahhh, as a non American (what we like to call terrorist) you must understand that "defense" (wink, wink, nod, nod) spending is off limits. As soon as a politician like the good Dr. Paul suggests cutting the military budget you are labeled an apologist and harangued for 'not supporting the troops'.

After all, they are out their fighting for our freedom!

What a load of BS!

My countryman are starting, however slowly, to wake up though. Let's hope the trend continues.

Cheers! =)

I hope this doesn't happen because I know everyone would be disappointed if that virtual river of money that Obama and Company is using to reward all his buddies and pals runs dry.. We can't let this happen. Who cares if the rest of the country goes straight to hell and the poor suffer more, the jobless lose any hope of ever getting a job, and last but not least, people that couldn't keep their plan after all, can't afford the new "affordable" plans either.. It's a sitcom! We can just hook everyone else besides Obama and company, to a life support system that runs on hot air and blue sky dreams. That would be entertainment, or we could add to their rising bank accounts and be their entertainment like the romans did with lions.

Let him have more money just so we can watch him and see how badly he squanders it all, after all, we never have to pay because the debts he is racking up wont be taken care of for many centuries if ever. He sure doesn't care, not in the least!
Make a list of all his promises, then sit back and watch all the people starve and die, while He, and Company live high off the hog, and we get kicked to the curb by his goon squads..

It's a horror movie in the making.. His list of recipients getting that money at our expense would look like a mafia little black book of payoffs and kickbacks, and graft accounts. It would have mobster ties, just like he had in Chicago before becoming president. Some would be paid to bogus companies that are just fronts for his own enrichment or his gangster friends, like that solar company that received a couple billion then immediately shut it's doors and closed.

Why doesn't anyone stop him? because he leads by his example, and all (99%) in congress and senate would lose their ability to continue basking in corruption along side of him, and it would all come to an end.. They have a taste of power and fortune, but it has a grip on them now, and they have "gold fever" to see if they can become billionaires or maybe trillionaires. And it is an extra added bonus to them that they get to blame us for their inability to get even fatter and richer.

America is drowning already, in an ocean of corruption and horror and we can't just sit by and allow it to stop can we? Hope they raise that debt limit or "there will be blood!"

It is cool to be unplugged from the matrix and watch this virtual circus of zoo animals run America into the dirt..
Congress and senate remind me of that island in Thailand somewhere, where they set out huge platters of foods, and fruits and cakes, and then a big army of monkeys descend upon it and devour it. (it is a yearly thing they do), and then when there is not much left but little bits, they begin to fight and bite, and scratch for the last bits. Just exactly like our elected and appointed officials are doing to our taxes every year.
When they can't find any more tidbits they really start getting in to it, like cats fighting. It would be a lot of fun to stop that river of money just to watch these fools kill each other because it is over for them. No more money at all.

reply to post by mirageofdeceit

The time to pay attention is when they fail to do so, and the deadline passes

That will never happen, unless they wish to break the system in a very damaging (I would state criminal, since it would require accepting a level of damage that has never been seen).

This is the logic of why the PIGS accepted the draconian measures imposed by the lenders as to get credit extensions (not aid as you see on the TV, the money is loaned at below market prices but with a lot of conditions attached, most of them constitute the destruction of those nations economies by a fire sale of state owned positions and help in external enterprises taking over national positions of economic interests and legislation towards cheaper labor).

Now looking on why we see these nations submit to going through loops just to avoid the default, imagine what would happen if the US. The dollar the (yet) international reserve currency would came crashing down, it would be destruction on steroids because of all the dollar held outside US borders. As I said in a earlier thread I think the Mexicans will be very pleased by the border wall, living conditions in the US would be worst than in China during the great famine (it would be a civil war, first the states would pull out of the union as fast as they could, this would occur even before they would accept a US national default, they would state state currencies ASAP, well at least the states that are economically viable, I take that many are as bankrupt as the federal government).

This is why we probably see a real war of sorts getting started before it goes into a global meltdown and it has to be something that would divide the world as to make the keep the US afloat even if highly penalized (best option would be to declare the biggest creditors as enemies). This or a quick nationalization of private fortunes and holdings, it would put South America nationalization to shame or the Greek banks private money grab a joke in comparison...

Panic2k11
reply to post by 727Sky

 

Its like--- the US is friends with the bank (world's economic system), and so continues to extend its credit card limit over and over and over... soon it will become apparent that there is no intention to pay up and the bank will cut the US off and probably get into trouble itself because of the hole the US created in its internal resources.

The whole world economy has grown up around the USA constantly borrowing. They know the USA can only pay back so much, so the more the USA borrows the lower interest rates become. As long as the minimum amount is paid each month, the creditors are happy. But for the citizens, they just see this giant debt number grow larger and larger. Fortunately, most of it is owned by the banks in New York.

I could see a time where the rest of the USA demands independence and debt freedom, while New York and Washington get hit with the bill

reply to post by 727Sky


I share Ron Paul's Stance on this subject in which the economy is eventually going to crash, prolonging the inevitable is just going to make the collapse worse. We should cut spending that everyone disagrees with to soften the fall and not raise the debit limit.

And then build the economy back up in an ethical and logical manner.

reply to post by 13th Zodiac



Shinbun? It's probably safe to say newspapers are a thing of the past anyway.

reply to post by stormcell


I agree with you, and it's a pretty relevant point under the circumstances.
The debt itself is as much an illusion as the money, as it's all regulated by the banks.
The key is in the reaction of the masses; how they respond once that fact becomes
unavoidable.

reply to post by 727Sky


Why do people still link to RT.com, the site does not even hide the fact that it is a propagandist site for Putin. Might as well start reading Voice of America.